Pharmacy Benefit Manager Transparency Act: Lower Drug Costs, Fairer Practices
This act aims to increase fairness and transparency in the prescription drug industry. It restricts unfair practices by Pharmacy Benefit Managers (PBMs), potentially leading to lower drug prices for patients and greater stability for pharmacies. It also introduces reporting requirements and protects whistleblowers.
Key points
Prohibition on unfair pricing: PBMs cannot charge health plans more for drugs than they reimburse pharmacies, nor arbitrarily reduce payments to pharmacies.
Increased transparency: PBMs must disclose to health plans and pharmacies the cost, price, and reimbursement of prescription drugs, as well as all fees and discounts.
Whistleblower protection: Individuals reporting PBM violations will be protected from retaliation or adverse actions.
Enhanced enforcement: The Federal Trade Commission (FTC) and state attorneys general will have greater authority to enforce the act and impose penalties for violations.
Reporting and analysis: PBMs will be required to report data on pricing and fees annually, and government agencies will analyze the market to identify issues and propose further changes.
Introduced
Citizen Poll